Ok here are the facts and if you don't care then leave when the push you out. The medical alone is worth 22 to 25k per year exxon's part. The loss of lump sum at 50 years of age is 50 %. So lets say 500k for a 20 year service. So the medical would be 375k for 15 years coverage plus 500k equals 875k$ loss. For those with 30 or 40 years it would be much more of a loss. Those who were piped or nsied at 50 and 51 lost the most and should have consulted a lawyer. I don't know any employees separated during nre ages. At 55 you get medical and 75% of your lump sum. It goes up from there until 60 when you are at full retirement 100%. So now you know the truth about why you beloved supervisor or manager keeps asking when you will leave. There is definitely an increased pressure to get rid of older employees in comparison to years past. I and many others are being forced out and you will too youngsters. Beware the warnings and wisdom of the ones who have lived through this before.
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Watch Squid Games. It perfectly parallels life at XOM.
@e5 I just wanted to say…
thank you.
@e5 my guess, you aren’t going to see a lot of NREs pushed out. You should be looking at the late 40’s when the temp starts really rising - to the early 50’s, (before 52) when they’re in a rolling boil of NSI. The goal of management is to really put the sc--ws into these folks, and get them of the books before they hit the promised land of NRE and are “safe.”
I work for a law firm thsy specializes in employement law and wrongful termination.
We were contacted by an exxon employee about this forcing out of employees. The client has other HR issues in the past and it looks like they are being retaliated against and forced out. We cannot advertise our name but we are based in Houston and are well known. If you feel like you are being unfairly targeted and forced to resign please contact an attorney. We are most interested in cases involving the NRE employees. The loss of medical and lump sum at this age is the most and recoverable. We feel that exxon is moving to aggressive personnel cuts that were used back in the eighties. This board has been informative and our client has filled us in on the underhanded tactics exxon employs.
They could save a lot of money by capping executive pay at $10M/year, which is more than enough for any reasonable person to live decently.
Nobody has ever been able to give me a good reason why these companies always cut downwards.
@cv I’m the one who posted that, and I completely agree: the system is broken. Loyal employees get burned, families are devastated, and I was one of the few lucky ones who landed a great new job and benefited from a strong market.
Knowing what I know now, I’d tell my younger self: get out sooner. Don’t wait until you’re 10–15 years from retirement — having the rug pulled out then can be crushing. Expect at least a 50% pay cut; that’s how EM keeps people trapped, right at the age when leaving hurts the most.
However, if I’d left earlier, I probably would’ve been at a similar level elsewhere, with more stability and peace of mind. Living under constant threat of dropping in ranking and the hammer falling at EM? No thanks.
Fair system until you get the boot. I have seen so many hard working employees piped for no reason besides it was their turn. I have also seen protected employees who sit around all day on thier phones watching movies, doodling, sleeping, and hiding out not get piped. It is not a fair system for the majority of employees. It totally su-ks to be let go before you can comfortably retire. For some it is a great place but for most it is a complete s hit hole. I know an employee that was fired for fighting on the job. He got away with mu---r and exxon was his play ground. He spent all day playing with his fish tank, sleeping, watching his phone, leaving early and getting into arguments with everyone. Everytime we had a job opening He would apply and try to come back. He was on the no hire list and never made it past the screening. He constantly bothered the manager to hire him. He even tried to come back as a contractor but that did not work. If not for the fight that a hole would still be here probably promoted.
The system seems fair to persons with enough sponsorship to stay on top.
I have seen industry experts dropped to the bottom of their group just because over 50.
I have seen a dangerous id--t stay at the top because Supervisor received a phone call instructing not to mention any of the catastrophes caused by that id--t.
@cw agree, 56 and no complaints
I’m 58 and still highly ranked, the process works. If you continue performing you get raises
Perfectly fair system
@ae , I’m glad the timing worked out perfectly for you but anyone facing this today can’t really count on another unicorn stock market run. The next guy they sc--w at age 50 is simply sc--wed. Your special situation aside, this is a tragedy for the families it hits and it is a moral outrage that our leadership sitting in E4 is betraying employees this way. Shame shame shame!
The pension hit is much worse than the percent thing suggests. For retirees, the lump sum is calculated assuming monthly payments would have started at age 60. For early termination, the lump sum is calculated assuming monthly payments would have started at age 65. So you lose 5 years worth of pension. That’s an additional 20% on top of the reduced percentage. Then you can add in the inflation offset that you would have had with any salary increase if you had continued working. All in, you lose as much as 2/3 of your pension when they terminate you before 55.
Demographics in ExxonMobil is all about "CASH FLOW". The younger the workforce, the OPEX optics looks more attractive to the Investors.
When Southwest Airlines became a player in the airline industry they had the lowest OPEX of any major airlines. Why? Southwest Airlines work force was under 25 years old which translated into an overall lower payroll compared to United, Continental, American, Lufthansa....etc.
@bs sure, as a stockholder- not an employee. Keep some stock if you have faith in the earning potential of the company. But if you’re unhappy as an employee now, that’ll likely just get worse.
You owe it to your mental health to break loose from the golden handcuffs and stop chasing the golden carrot which may or may not still be there when you get to the age you hope to retire.
What about all the billions of dollar that I contribute with my work to earn as a profit for EM? Is that count or not?
As someone who was PIP’d at 50 after 20 years, yes, I took a hit and “lost” about $875K. But I took a lump sum on my pension, roughly $500K, rolled it into my 401K, and in just 3.5 years it’s grown from $1.5M to $3M. With a little luck, by 60 it might even double again - or more.
Maybe I’d have come out slightly ahead financially if I’d endured more EM torture, but that would’ve cost me years of my life - a price I wasn’t willing to pay. Peace of mind and working in a community where you’re actually valued? Worth far more than $875K.
My life is infinitely less stressful and much happier now. I only check back here to watch the dumpster fire burn, give thanks that my family’s security is no longer at the mercy of circus clowns, and most importantly: share a little hope that life does go on, and it’s remarkably better outside of EM.
Exxon f ed me when I was 50 nsied and piped. I lost about 50 % of my lump sum and no medical. I tried the pip but my manager was not on my side so I failed. I now have to work to keep medical insurance for a few more years until I can afford the insurance on my own. I did nothing to deserve the pip and I was simply selected.